The global automotive plastics industry was valued at US$ 64.8 billion in 2018 and reached US$ 65.6 billion in 2022.
The market is predicted to increase at a 6.9% CAGR from 2023 to 2033, reaching US$ 136.3 billion by the end of 2033.
Key Takeaways:
- The global market for automotive plastics is projected to witness a CAGR of 9% during 2023 to 2033.
- With the significant increase in the sales and production of automotive vehicles, China is anticipated to remain a prominent country in the market growing at 8% CAGR through 2033.
- By material type, the polypropylene segment is expected to remain the key segment and is estimated to account for 3% of the total volume in 2023.
- By end use, the conventional vehicles segment is anticipated to lead the global automotive plastics industry in 2023 and is expected to continue this lead growing at 8% CAGR through 2033.
- The top 5 players in the market, accounting for a share of around 50% to 55% in the global automotive plastics industry.
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Innovation Could Be Key to Success for Automotive Plastics Manufacturers!
Stringent fuel efficiency and pollution requirements, as well as the modernization and future-readiness of self-driving cars, are pushing up global sales of automotive plastics.
The primary goal of self-driving cars is to maximize fuel efficiency in order to reduce emissions and improve overall performance. To achieve these objectives, the use of automotive plastics such as reinforced polymers and composites has become critical. These plastics are significantly lighter than traditional materials like steel, allowing self-driving cars to be more fuel efficient.
As more of these cutting-edge vehicles become commonplace and outfitted with cutting-edge sensor systems, the need for automotive plastics rises.
The increasing integration of smart infotainment systems and connection functions in vehicles is expected to increase demand for plastic components in the automobile industry. Plastics are utilized in the production of touchscreen displays, control panels, and electronic device housings. The rapid improvements in automobile safety technologies have increased demand for specific plastic components.
Impact-resistant plastics, such as polycarbonates, are used in airbags, bumpers, and other safety-related components. 3D printing has also recently emerged and become widely used in the automotive industry. The growing emphasis on producing bio-based and recycled materials to lower the industry’s carbon footprint is expected to boost the worldwide automotive plastics market through 2033.
“Rising demand for high-quality, lightweight, and durable components, and advances in safety features has spurred demand for automotive plastics globally. Increased integration of infotainment systems and connectivity features in vehicles are anticipated to present key revenue opportunities over the forecast period.”- says a lead analyst at FMI
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Competitive Landscape
BASF SE, The Dow Chemical Company, Saudi Basic Industries Corp (SABIC), Covestro AG, DuPont de Nemours, Inc., Arkema Group, Sumitomo Chemical Co., Ltd., Mitsui Chemicals Inc., Formosa Plastics, Evonik Industries, Eastman Chemical Company, LyondellBasell Industries N.V., and Hanwha Group are some of the manufacturers of automotive plastics profiled in the full version of the report.
The automotive plastic market is witnessing consolidation as a result of mergers and acquisitions. Large multinational companies are acquiring smaller players to expand their product portfolio and geographic reach.
Automotive plastics manufacturers are focusing on developing bio-based and recycled materials to reduce the industry’s carbon footprint. These sustainable alternatives provide similar performance characteristics while reducing dependency on fossil fuels.
For instance,
- In September 2022, BASF and Citroën unveiled the all-electric concept car Oli, a platform of how much can be saved through weight reduction and resource BASF has been following a determined sustainability strategy for many years.
- In March 2022, Covestro AG commissioned its two production lines for manufacturing polycarbonate compounds at its Greater Noida plant, in New Delhi, The new plant aims to meet the rising demand for composite plastics, especially in the automotive, electrical, and electronics businesses.
The automotive industry is continually striving to streamline its supply chain and reduce costs. Plastic manufacturers are adopting efficient production processes, such as injection molding and 3D printing, to optimize manufacturing operations and meet the industry’s demand for cost-effective solutions. These supply-side trends highlight the ongoing transformation in the automotive plastic market.
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More Insights into the Automotive Plastics Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global automotive plastics market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033.
To understand the global market potential, growth, and scope, the market is segmented based on material type (polypropylene (PP), polyurethane (PUR), acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polyethylene (PE), polystyrene (PS), polycarbonate (PC), polyamide (PA), acrylic (PMMA, etc.), plastic composites, others) application (interior components, exterior components, and frame) end-uses (conventional vehicles {passenger cars, light commercial vehicles, heavy commercial vehicles} electric vehicles {pure electric, hybrid electric }) and region (North America, Latin America, Europe, East Asia, South Asia, and the Pacific, Middle East & Africa) .
About FMI – Chemicals and Materials
The chemicals and materials division of FMI offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling, and renewable technology developments, supply-demand-trade assessment.
Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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